made, participated, at once, in the treasures that were found in the possession of the Indian rulers. Such, however, was not the case. The historian Ranke, in his essay on the Spanish finances, has shown, by new documents and official vouchers, the small quantity of the precious metals which the American mines, and the supposed treasures of the Incas yielded.[1] It is probable that the conquerors did not make exact returns to the court of their acquisitions, or that the revenue officers, appointed at an early period of American history, were not remarkable for the fidelity with which they transmitted the sums that came into their possession as servants of the crown; and thus it happened that neither the king of Spain nor his kingdom, was speedily enriched by the New World. Baron Humboldt, in one of his late publications, gives an interesting extract from a letter written by a friend of Ferdinand the Catholic a few days after his death, which exhibits the finances of that king in a different light from that in which they have been hitherto viewed. In an epistle to the bishop of Tuy, Peter Martyr says, that this "Lord of many realms,—this wearer of so many laurels,—this diffuser of the Christian faith and vanquisher of its enemies,—died poor, in a rustic hut. Whilst he lived no one imagined that after his death it would be discovered that he possessed scarcely money enough either to defray the ceremony of his sepulture, or to furnish his few retainers with suitable mourning!"[2] The adventurers in America were doubtless enriched, and duly reported their gains to friends at home; but Spain itself was not speedily improved by their acquisitions.
The rise in the prices of grain and other products of agriculture or human industry, about the middle of the sixteenth century, and especially from 1570 to 1595, indicates the true beginning of the plentiful flow of the precious metals to the Old World, in consequence of which their value diminished and the results of European industry increased in price. This is accounted for by the commencement of the beneficial working of the American mines about that period. The real opening of the mines of Potosi, by the Spanish conquerors, dates from the year 1545; and it was between this epoch and 1595, that the splendid masses of silver from Tasco, Zacatecas, and Pachuca, in New Spain; and from Potosi, Porco and Oruro, in the chain of Peruvian Andes, began to be distributed more uniformly over Europe, and to affect the price of its produc-
